Indian rupee soars against US dollar as economic worries ease on HSBC PMI report

Dec 02 2013, 14:15 IST
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SummaryThe Indian rupee rose to a near two-week high against the US dollar on Monday.

The Indian rupee rose to a near two-week high against the US dollar on Monday as worries about the economy eased after a private survey showed the country's manufacturing sector returned to growth last month.

The HSBC Manufacturing PMI, compiled by Markit, rose to 51.3 in November from October's 49.6, the highest since March and its first time above the watershed level of 50 that divides growth from contraction in four months.

The HSBC report came after data on Friday showed India's economy grew more-than-expected in the July-September quarter.

The rupee was last at 62.05/06 after gaining to as high 61.9650 against the dollar, its highest since Nov 19. It had closed at 62.44/45 on Friday.

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